Default by Debtor. There will be a default under this Security Agreement upon the happening of any of the following events or conditions which is not cured within any applicable cure periods contained in the Note or any instruments securing the Note (herein called an “Event of Default”):
Default by Debtor. Default by the Debtor under the Note or the Pledge and Security Agreement or a breach by the Partnership of the Settlement Agreement.
Default by Debtor. A "Default" shall mean an Event of Default as defined in the Secured Promissory Notes.
Default by Debtor. There will be a default under this Security Agreement upon the happening of any of the following events or conditions which is not cured within any applicable cure periods contained in the Note or any instruments securing the Note (herein called an "Event of Default"):
a. If any Indebtedness secured by this Security Agreement, either principal or interest, is not paid when due, subject to any notice and cure provisions provided for in the Note.
b. If the Debtor shall fail to comply with any of the Debtor's covenants or undertakings in any agreement, instrument or other document between the Debtor and the Secured Party, subject to any notice and cure provisions provided for therein.
c. If Debtor shall fail to comply with any of Debtor's covenants or agreements herein and such failure remains uncured for ten (10) days after receipt of written notice from the Secured Party.
d. If an order, non-appealable judgment or decree is entered by any court of competent jurisdiction, upon the application of a creditor or otherwise, adjudicating Debtor as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee or liquidator of all or any substantial part of Debtor's assets and same remains in effect for more than sixty (60) days.
e. If any warranty, representation or statement contained in this Security Agreement, or any agreement, instrument or other document made or furnished to Secured Party by or on behalf of Debtor in connection with this Security Agreement is proven under applicable law to have been false in any material respect when made or furnished.
Default by Debtor. There will be a default under this Security Agreement upon the happening of any of the following events or conditions (herein called an "Event of Default"):
Default by Debtor. Each of the following constitutes a default under this Agreement by Debtor ("Default"): (a) Failure to pay when due any principal, interest, advances, late charges, costs, attorneys' fees or other charges incurred on any of the Obligations; (b) The sale or other disposition of any of the Collateral when it is not authorized by this Agreement; (c) Failure to perform or observe any warranty, agreement or obligation contained in this Agreement or in any mortgage, deed of trust, security agreement, loan application or any evidence of or document relating to any of the Obligations; (d) Any warranty or information given to Secured Party in connection with this Agreement or any of the Obligations is false in any material respect when made; (e) Loss, theft, substantial damage, destruction or encumbrance of any of the Collateral or the making of any levy, seizure or attachment against it; (f) The acceleration of the maturity of Debtor's indebtedness to any other creditor; (g) The death, dissolution or termination of existence, insolvency, business failure, appointment of a receiver for any property, assignment for the benefit of creditors, the commencement of any proceeding under any bankruptcy or insolvency laws, of, by, or against Debtor or any guarantor or surety of Debtor; (h) Failure of any of Debtor's account debtors or obligors to make payment when due or to honor Secured Party's security interest; (i) The occurrence of any event when causes Secured Party in good faith to believe that the Obligations are inadequately secured or the prospect of payment, performance or realization on the Collateral is impaired; (j) A default under any lease executed by Debtor under which the Secured Party is the lessor or a default under any other loan or lease that any Debtor has with either the Secured Party's parent association or any subsidiaries of the Secured Party's parent association.
Default by Debtor. There will be a default under this Security Agreement upon the occurrence of any of the following events or conditions (herein called an “Event of Default”):
Default by Debtor. Guarantor’s obligations hereunder are separate and independent of Debtor’s obligations under any Loan. If an Event of Default shall occur and be continuing under any Loan, Secured Party may pursue its remedies against Debtor and/or proceed directly against Guarantor for the payment, performance or observance of any and all of Debtor’s obligations under any of the Loans, and Guarantor hereby waives any right to require Secured Party: (a) to proceed first or otherwise against Debtor; (b) to proceed against or exhaust any security it may hold; or (c) to pursue any other remedy available to it.
Default by Debtor. In the event of any default by Debtor ----------------- under said Note or this Security Agreement, if said default is not cured within ten (10) days after Creditor has delivered written notice of such default to Debtor, Creditor shall be entitled to declare the full amount of unpaid principal and interest owed by Debtor immediately due and payable, to take legal action to collect such amounts, and to exercise any and all rights and remedies available to Creditor as the secured party under the Delaware Commercial Code, including without limitation, the right to take said Shares in full repayment of said Note, the right to sell said Shares at public or private sale, and the right to recover from Debtor any deficiency if the net proceeds from such sale are less than the unpaid balance owed under said Note.
Default by Debtor. Each of the following shall constitute a default by Debtor:
A. Nonperformance. Failure by Debtor to perform any of the Obligations set forth in Paragraph I above.
